Vanguard Fixed Income Securities Funds Statement of ...

[Pages:5]Vanguard Funds

Supplement Dated March 8, 2022, to the Statement of Additional Information

Statement of Additional Information Text Changes

The following is added to (or added as the last paragraph of the existing "Foreign Securities--Russian Market Risk" sub-section within) the Investment Strategies, Risks, and Nonfundamental Policies section:

Foreign Securities--Russian Market Risk. Russia's recent launch of a large-scale invasion of Ukraine has resulted in sanctions against Russian governmental institutions, Russian entities, and Russian individuals that may result in the devaluation of Russian currency; a downgrade in the country's credit rating; a freeze of Russian foreign assets; a decline in the value and liquidity of Russian securities, properties, or interests; and other adverse consequences to the Russian economy and Russian assets. In addition, a fund's ability to price, buy, sell, receive, or deliver Russian investments has been and may continue to be impaired. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a fund, even if the fund does not have direct exposure to securities of Russian issuers.

? 2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL4 032022

Vanguard Funds

Supplement Dated February 22, 2022, to the Statement of Additional Information

Leadership Announcement Effective February 21, 2022, Ashley Grim has been appointed treasurer of the Vanguard funds. In addition, Amy Gutmann has retired as trustee of the Vanguard funds.

Statement of Additional Information Text Changes In the Management of the Fund(s) section under the heading "Officers and Trustees," Ms. Grim's biographical information is added as follows:

Name, Year of Birth

Ashley Grim (1984)

Position(s) Held With Funds

Treasurer

Vanguard Funds' Trustee/ Officer Since

February 2022

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

Treasurer (February 2022?present) of each of the investment companies served by Vanguard. Fund Transfer Agent Controller (2019? 2022) and Director of Audit Services (2017?2019) at Vanguard. Senior Manager (2006?2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

In addition, Christine Buchanan's biographical information is replaced with the following:

Name, Year of Birth

Position(s) Held With Funds

Vanguard Funds' Trustee/ Officer Since

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

Christine M. Buchanan Chief Financial

(1970)

Officer

November 2017

Principal of Vanguard. Chief financial officer (2021?present) and treasurer (2017?2021) of each of the investment companies served by Vanguard. Partner (2005?2017) at KPMG (audit, tax, and advisory services).

All references to Amy Gutmann are hereby deleted from the Statement of Additional Information.

? 2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL3 022022

Vanguard Fixed Income Securities Funds

Supplement Dated January 3, 2022, to the Statement of Additional Information Dated May 28, 2021 Important Changes to Vanguard Fixed Income Securities Funds

Vanguard Short-Term Treasury Fund, Vanguard Intermediate-Term Treasury Fund, and Vanguard Long-Term Treasury Fund Effective immediately, Gemma Wright-Casparius has retired from The Vanguard Group, Inc. and will no longer serve as a portfolio manager of Vanguard Short-Term Treasury Fund, Vanguard Intermediate-Term Treasury Fund, and Vanguard Long-Term Treasury Fund. Each Fund's investment objective, strategies, and policies remain unchanged. Statement of Additional Information Text Changes All references to Ms. Wright-Casparius are hereby removed.

? 2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI 028B 012022

Vanguard Chester Funds Vanguard ExplorerTMFund Vanguard Fenway Funds Vanguard Fixed Income Securities Funds Vanguard Horizon Funds? Vanguard Quantitative Funds Vanguard Scottsdale Funds Vanguard Specialized Funds Vanguard Trustees' Equity Fund Vanguard WellingtonTMFund Vanguard Whitehall Funds Vanguard World Fund Vanguard Variable Insurance Funds

Supplement Dated November 22, 2021, to the Statement of Additional Information

Leadership Announcement and Other Updates The boards of trustees of the Vanguard funds (the "Boards") have elected Tara Bunch as a trustee of the Boards effective November 18, 2021.

In addition, a sub-section has been added to the Investment Strategies, Risks, and Nonfundamental Policies section of the Statement of Additional Information. Each Fund's investment objective, strategies, and policies remain unchanged.

Statement of Additional Information Text Changes In the Management of the Fund(s) section, the table under "Officers and Trustees" is replaced as follows:

Name, Year of Birth

Position(s) Held With Funds

Vanguard Funds' Trustee/ Officer Since

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

Number of Vanguard Funds Overseen by

Trustee/Officer

Interested Trustee1

Mortimer J. Buckley

Chairman of the January 2018

Chairman of the board (2019?present) of

217

(1969)

Board, Chief

Vanguard and of each of the investment

Executive

companies served by Vanguard; chief

Officer, and

executive officer (2018?present) of

President

Vanguard; chief executive officer,

president, and trustee (2018?present) of

each of the investment companies

served by Vanguard; president and

director (2017?present) of Vanguard; and

president (2018?present) of Vanguard

Marketing Corporation. Chief investment

officer (2013?2017), managing director

(2002?2017), head of the Retail Investor

Group (2006?2012), and chief

information officer (2001?2006) of

Vanguard. Chairman of the board

(2011?2017) and trustee (2009?2017) of

the Children's Hospital of Philadelphia;

and trustee (2018?present) and vice

chair (2019?present) of The Shipley

School.

1 Mr. Buckley is considered an "interested person" as defined in the 1940 Act because he is an officer of the Trust.

Independent Trustees

Tara Bunch

Trustee

November 2021 Head of Global Operations at Airbnb

217

(1962)

(2020?present). Vice President of

AppleCare (2012?2020). Member of the

board of Out & Equal (2002-2006), the

University of California, Berkeley School

of Engineering (2020-present), and Santa

Clara University's School of Business

(2018-present).

Emerson U. Fullwood Trustee

January 2008

Executive chief staff and marketing

217

(1948)

officer for North America and corporate

vice president (retired 2008) of Xerox

Corporation (document management

products and services). Former president

of the Worldwide Channels Group, Latin

America, and Worldwide Customer

Service and executive chief staff officer

of Developing Markets of Xerox.

Executive in residence and 2009?2010

Distinguished Minett Professor at the

Rochester Institute of Technology.

Director of SPX FLOW, Inc.

(multi-industry manufacturing). Director

of the University of Rochester Medical

Center, the Monroe Community College

Foundation, the United Way of

Rochester, North Carolina A&T

University, and Roberts Wesleyan

College. Trustee of the University of

Rochester.

Name, Year of Birth

Amy Gutmann (1949)

Position(s) Held With Funds

Trustee

F. Joseph Loughrey (1949)

Trustee

Mark Loughridge (1953)

Lead Independent Trustee

Scott C. Malpass (1962)

Trustee

Vanguard Funds' Trustee/ Officer Since June 2006

October 2009

March 2012

March 2012

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

President (2004?present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania.

President and chief operating officer (retired 2009) and vice chairman of the board (2008?2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame. Chairman of the board of Saint Anselm College.

Senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004?2013), senior vice president and general manager (2002?2004) of IBM Global Financing, vice president and controller (1998?2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

Chief investment officer and vice president of the University of Notre Dame (retired 2020). Assistant professor of finance at the Mendoza College of Business, University of Notre Dame (retired 2020), and member of the Notre Dame 403(b) Investment Committee. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.

Number of Vanguard Funds Overseen by

Trustee/Officer 217

217

217

217

Name, Year of Birth

Deanna Mulligan (1963)

Position(s) Held With Funds

Trustee

Andr? F. Perold (1952)

Trustee

Sarah Bloom Raskin (1961)

Trustee

David Thomas (1956)

Trustee

Vanguard Funds' Trustee/ Officer Since January 2018

December 2004

January 2018

July 2021

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

Board chair (2020), chief executive officer (2011?2020), and president (2010?2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010?2011) and executive vice president (2008?2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), the Chief Executives for Corporate Purpose, the New York-Presbyterian Hospital, and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.

George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies LLC (private investment firm). Board member (2018?present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.

Deputy secretary (2014?2017) of the United States Department of the Treasury. Governor (2010?2014) of the Federal Reserve Board. Commissioner (2007?2010) of financial regulation for the State of Maryland. Professor (2020?present), Distinguished Fellow of the Global Financial Markets Center (2020?present), and Rubenstein Fellow (2017?2020) of Duke University; trustee (2017?present) of Amherst College; member of the Amherst College Investment Committee (2019?present); and member of the Regenerative Crisis Response Committee (2020?present).

President of Morehouse College (2018?present). Professor of Business Administration Emeritus at Harvard University (2017?2018) and Dean (2011?2016) and Professor of Management at Georgetown University, McDonough School of Business (2016?2017). Director of DTE Energy Company (2013?present). Trustee of Common Fund (2019?present).

Number of Vanguard Funds Overseen by

Trustee/Officer 217

217

217

217

Name, Year of Birth

Peter F. Volanakis (1955)

Position(s) Held With Funds

Trustee

Executive Officers

Christine M. Buchanan (1970)

Chief Financial Officer and Acting Treasurer

David Cermak (1960)

Finance Director

John Galloway (1973)

Investment Stewardship Officer

Peter Mahoney (1974)

Controller

Anne E. Robinson (1970)

Secretary

Vanguard Funds' Trustee/ Officer Since

July 2009

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

President and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000?2010) and Dow Corning (2001?2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001?2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the BMW Group Mobility Council.

November 2017 October 2019

September 2020 May 2015 September 2016

Principal of Vanguard. Chief financial officer (2021-present) and treasurer (2017-present; acting October 2021-present) of each of the investment companies served by Vanguard. Partner (2005?2017) at KPMG (audit, tax, and advisory services).

Principal of Vanguard. Finance director (2019?present) of each of the investment companies served by Vanguard. Managing director and head (2017?present) of Vanguard Investments Singapore. Managing director and head (2017?2019) of Vanguard Investments Hong Kong. Representative director and head (2014?2017) of Vanguard Investments Japan.

Principal of Vanguard. Investment stewardship officer (2020?present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (2020?present) and head of Marketing Strategy and Planning (2017?2020) at Vanguard. Deputy Assistant to the President of the United States (2015).

Principal of Vanguard. Controller (2015?present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008? 2014) at Vanguard.

General counsel (2016?present) of Vanguard. Secretary (2016?present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016?present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014?2016) at Citigroup. Counsel (2003?2014) at American Express.

Number of Vanguard Funds Overseen by

Trustee/Officer 217

217 217

217

217 217

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